Samhällsbyggnadsbolaget i Norden AB (publ) (SBB-D.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1023.3%

-SEK 19.94

vs SEK 2.16 price

Levered DCF

-SEK 17.08

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-0.15

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-3.7×	-1×	-0.34×	-2.31×	3.94×	4.38×	10.38×	4.68×
P/B	0.92×	0.32×	0.21×	0.42×	1.22×	0.73×	0.87×	0.73×
P/S	5.34×	1.78×	1.63×	3.44×	16.34×	7.34×	12.56×	4.7×
EV / EBITDA	13.62×	-10.47×	-3.42×	-11.15×	5.98×	7.49×	19.17×	9.35×
Gross margin	64.6%	69.3%	70.0%	65.3%	68.4%	67.9%	63.4%	63.7%
Operating margin	34.2%	69.4%	50.3%	59.5%	472.2%	232.5%	170.7%	63.7%
Net margin	-116.5%	-162.7%	-481.4%	-149.1%	414.6%	167.9%	131.3%	100.6%
Current ratio	1.57×	0.51×	0.36×	0.46×	0.49×	1.32×	0.72×	0.52×
Debt / equity	4.22×	2.72×	1.8×	1.45×	1.12×	1.08×	1.95×	1.35×
Interest coverage	0.47×	1.85×	1.64×	6.04×	32.67×	14.24×	486.71×	1.99×
Dividend yield	0.0%	38.5%	22.2%	11.1%	1.9%	2.3%	1.7%	2.3%
Payout ratio	0.0%	-42.1%	-7.5%	-25.6%	7.5%	9.9%	16.3%	11.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-20.1%	-29.1%	-63.6%	-18.3%	31.0%	16.6%	9.1%	15.5%
Return on invested capital	0.7%	2.6%	2.0%	2.8%	13.4%	9.0%	3.0%	3.5%
Return on assets	-3.3%	-7.0%	-20.4%	-6.6%	12.6%	7.2%	2.5%	6.1%
Free cash flow yield	-6.4%	-4.1%	17.1%	8.3%	4.7%	-18.8%	20.9%	-2.3%
Earnings yield	-21.8%	-91.6%	-295.8%	-43.3%	25.4%	22.9%	10.5%	21.4%
Enterprise value	SEK 54.6B	SEK 60.4B	SEK 66.1B	SEK 110.2B	SEK 177B	SEK 79.9B	SEK 68.7B	SEK 22.4B
Net debt / EBITDA	10.97×	-9.33×	-3.04×	-8.56×	2.71×	3.96×	12.18×	6.05×
Cash conversion cycle (days)	144	154	46	27	143	144	-65	-1,231